ELLERINE HOLDINGS LIMITED - TURNOVER UPDATE FOR THE FOUR MONTH PERIOD TO
DECEMBER 2003
ELLERINE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/013402/06)
("Ellerines")
Share code: ELH ISIN: ZAE000022752
TURNOVER UPDATE FOR THE FOUR MONTH PERIOD TO DECEMBER 2003
CREDIT RETAILING BRANDS : ELLERINES - TOWN TALK - FURNCITY
CASH RETAILING BRANDS : WETHERLYS - OSIERS
The Group achieved record turnovers for the first four months of the trading
period of R1,2 billion (2002 - R897 million), being an increase of 32% over last
year, despite the lower finance charge rates which prevailed and only 2%
inflation on goods sold during the period.
The inclusion of the newly acquired cash furniture retailer Wetherlys for the
first time, from 28th October 2003, contributed around R90 million to the
Group"s turnover.
The South African credit trading stores, across all brands, reflected an
increase of 23% on the cash price of merchandise sold over the previous year
during December, with foreign operations approximating last year"s figures.
These turnovers were recorded despite the stricter centralised credit granting
procedures utilising sophisticated information systems linked to credit bureaus.
This material increase in turnover volumes was achieved as a result of the
favourable furniture retail trading environment, coupled with highly focused
trading business units and good inventory planning over the Christmas period.
Cash collections on instalment debtors during the period were exceptionally
strong, with collections for December and the 41/2 month period to date
reflecting increases of 25% and 19% over the previous year respectively. These
stronger cash flows produced by the Group have contributed towards lower than
anticipated gearing, following the Wetherlys acquisition.
For further information contact:
Reg Rawlings - Financial Director
Tel: (27 11) 607 - 1000
Bedfordview
Johannesburg
20 January 2004
Date: 20/01/2004 11:34:05 AM Produced by the JSE SENS Department
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